US stocks fell on Friday as chip shares dropped after Intel results

The Dow Jones Industrial Average fell 572.25 points, or 1.09%, to 51,770.31 on Friday, 30 October. The S&P 500 lost 140.32 points, or 1.82%, to 7,580.07, and the Nasdaq Composite lost 747.73 points, or 2.86%, to 25,437.00, Reuters reported. Reuters said it was the Nasdaq's largest one-day percentage drop since 5 June, and that the index had fallen 7.8% from its closing high on 6 October.

Reuters linked the fall to quarterly results from Intel and Amazon released late on Thursday, which it said added to worries about how much AI-related companies are spending on the technology. Intel shares fell 28.6%, Nvidia fell 4.2% and AMD fell 10.9%, Reuters reported, while the broader chip index lost 7.2%. Investing.com listed Intel, Qualcomm and AMD among the S&P 500's weakest stocks of the session. FiscalHour covered Intel's outlook on Friday.

Not every sector fell. Reuters said ExxonMobil and Chevron rose 2.2% and 2.8% after both beat profit expectations, while Coinbase, Strategy and Robinhood fell between 7.2% and 10.6% after Binance reported a large security incident. Investing.com listed FMC, Regeneron and Global Payments among the best performers in the S&P 500. Declining stocks outnumbered advancing ones by about 1.8 to 1 on the New York Stock Exchange, Reuters said.

Oliver Pursche of Wealthspire Advisors told Reuters the week had been about "the future of AI" and whether the spending will earn a positive return. That is his view of the week, not a forecast. Reuters said the S&P 500 and the Nasdaq ended October with monthly losses, while the Dow ended the month higher. According to LSEG data cited by Reuters, 82% of the 299 S&P 500 companies that had reported third-quarter results by Friday had beaten analysts' estimates.

This article reports one day's closing levels. It is not investment advice and does not say whether any stock or index fund should be bought, held or sold.